Notes to SEFA
Title: CAPITAL ADVANCES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal expenditures activity of Lake View Towers Residents Association Inc., HUD Project No. 071-11448, under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Lake View Towers Residents Association Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Lake View Towers Residents Association Inc.
De Minimis Rate Used: Y
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organizations have elected to use the 15% de minimis indirect cost rate as allowed under the Uniform Guidance.
None
Title: OTHER MATTERS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal expenditures activity of Lake View Towers Residents Association Inc., HUD Project No. 071-11448, under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Lake View Towers Residents Association Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Lake View Towers Residents Association Inc.
De Minimis Rate Used: Y
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organizations have elected to use the 15% de minimis indirect cost rate as allowed under the Uniform Guidance.
Amount of non-cash assistance None
Amount of insurance assistance received None
Amount of loans None
Amount of loan guarantees None